[ET Net News Agency, 09 July 2024] Hong Kong stocks fell. The Hang Seng Index fell 238
points or 1.3% to 17,561 in the morning session. The main board turnover was nearly HKD
46.8 billion. The Hang Seng China Enterprises Index was at 6,299, down 83 points or 1.3%.
The Hang Seng Tech Index reported at 3,571, down 25 points or 0.7%.
The three largest traded stocks on the Hang Seng Index were Tencent (00700), Alibaba
(09988) and ICBC (01398); Tencent reported HKD 379.2, down HKD 0.6 or 0.2%, with a
turnover of HKD 2.149 billion; Alibaba reported HKD 71.65, down HKD 1.25 or 1.7 %, with a
transaction volume of HKD 1.122 billion; ICBC reported HKD 4.36, down HKD 0 or less than
0.1%, with a transaction volume of HKD 960 million. The three largest traded stocks on the
Hang Seng China Enterprises Index are Tencent, Alibaba and ICBC. The three largest traded
stocks on the Hang Seng Tech Index were Tencent, Alibaba and Meituan (03690); Meituan
reported at HKD 117.3, down HKD 1.8 or 1.5%, with a turnover of HKD 878 million.
OOIL (00316) fell 5.8% to HKD 120.9. The stock traded about 1.55 million shares,
involving HKD 184 million, with an intraday high of HKD 124.7 and a low of HKD 116. Nongfu
Spring (09633) fell 4.5% to HKD 33. WuXi Biologics (02269) fell 3.9% to HKD 10.82. Wharf
REIC (01997) fell 3.9% to HKD 19.9.

"Cheung Chi Wai: There are many Hang Seng Index Bull Certificate, and there is a high
chance of falling based on the prediction"

The decline in Hong Kong stocks continues. In the absence of good news, the Hang Seng
Index further fell below the 100-day moving average this morning. If the market fails to
close above the line today, the Hang Seng Index has fallen below all major moving
averages. Cheung Chi Wai, a joint managing director at Prudential Brokerage Ltd, told ET
Net News Agency that the Hong Kong stock market is dominated by the futures market. The
short-term rise is weak and the Hang Seng Index bull area below is heavy with
certificates. More than 5,000 corresponding futures contracts are involved between 17,000
and 17,499. , it is expected that the market will be under pressure to fall to 17,000 in
the short term.

"There is little chance that Brilliance Chi will sell its BMW Brilliance shares in the
short term"

Brilliance Chi (01114) has passed its ex-dividend day for its special dividend payment
of HKD 4.3 earlier, and the market expects that the special dividend payment obtained from
the sale of equity has come to an end. However, major banks have different views on
Brilliance Chi's market outlook. Citigroup pointed out that Brilliance Chi's historical
average price-to-earnings ratio has reached five times, and raised the target price by
about 16% from HKD 4.85 to 5.64, maintaining a "buy" rating. However, Daiwa recently
slashed Brilliance Chi's target price by more than 60% from HKD 8.9 to 3.8, and lowered
its rating from "buy" to "neutral".
Cheung Chi Wai does not believe that Brilliance will sell BMW Brilliance's equity again
in the short term. He believes that there is only a half-and-half chance of selling news
again. Betting on Brilliance China at the current price is like gambling. If there is news
of the sale, it will rise again. But on the contrary, there is a lot of room for
adjustment. It is recommended to buy it at the current price for the special dividends. In
terms of trends, he pointed out that Brilliance Chi had soared to HKD 4.65 earlier after
taking into account the ex-dividends. The current price increase is weak, reflecting that
the market is not optimistic about subsequent high dividend payments.
He added that although it is best to pay attention to the China characteristics stocks
for high dividends at the moment, due to the peak period of ex-dividends in the near
future, it is best to wait until the shares are ex-divided before investing to avoid
earning interest and losing value.